What you need to know on Wall Street today
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
Bitcoin power brokers were unable to come behind a single solution that would have preserved a unified cryptocurrency by Tuesday morning's deadline.
As such, the digital currency has split in two: bitcoin and bitcoin cash. Bitcoin is sinking on the news, while rival cryptocurrency Ethereum is spiking.
It only took 10 days from the time Wall Streeter Anthony Scaramucci was announced as the new White House communications director for news to break that he was leaving the role. Here's a roundup of the best "Mooch" memes. And here are all the firings, resignations, departures, and job changes from the chaotic first 6 months of the Trump administration.
In bank news, Goldman Sachs has a long list of "investment priorities" for its struggling bond trading business. A Brexit exodus may cost London 40,000 investment banking jobs. And here's how the world's biggest bank became ensnared in a sprawling money laundering probe.
In deal news, Discovery dropped $14.6 billion to buy the dying cable TV business model more time. Starbucks blew $750 million on stores that are now closing - and it's a brilliant business move.
And in economics, there are two big reasons workers' wages haven't risen for so long. And Canada's housing experts are bracing for a meltdown.
In markets, Wall Street is at war with itself over the future of stocks. The hottest investment strategy on the planet makes hitting earnings more crucial than ever.
And in company news:
- The S&P 500 is making a new rule that bars Snap from joining
- Sprint is popping after its first positive earnings report in three years
- Facebook bought an AI startup that could turn its middling virtual assistant into a Siri killer
- Pandora topped Q2 revenue targets and its stock just had a wild rebound
- Under Armour is having an identity crisis that's throwing the company into a tailspin
- Pfizer misses earnings on disappointing drug sales
- Here's what to expect from Tesla's second-quarter earnings
The slump in US auto sales extended into July with the so-called Big Three carmakers reporting declines that were worse than expected.
The Aston Martin DB11 is $250,000 worth of power, beauty, and soul. Ferrari's greatest rival has built one of the best cars in the world
Lastly, tour the obscure California city that's suddenly the hottest housing market in America.